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The Facebook Ad Money Pit

Beware the path that leads you to wasting a ton of money on Facebook Ads.

Facebook is a bit like a casino when it comes to their advertising platform. The odds are in favour of the “House”. This means that in order to get better value for your advertising dollar, you must keep to your strategy and most importantly stay within your budgets!

We all get a little impatient at times and want to get those Likes, Sign-Ups and Conversions fast. This can lead to poor campaign management that ends up wasting you money.

In the words of Kenny Rogers, you need to know when to hold ’em and know when to fold ’em, and know when to walk away. This is not only the chorus of that old classic, The Gambler, it also applies to Facebook Ads!

Use the following as a guide to ensuring you don’t blow your cash too quickly, unless you have a time-sensitive message that you need to get out fast (like a launch):

  1. Only Launch Your Ad in Peak Periods
  2. Stop Your Ad If It Fails To Reach A CTR Of At Least 0.02% Within 2,000 Impressions
  3. Target Audience By Precise Interests Instead Of Broad Category Targeting
  4. If The Suggested Bid is Spiking Above $3 a click, Wait A Day Or Two Until It Calms Down

Facebook Ads don’t suit all products and services, so if you still find you’re not getting results, then it may be time to look at making social media your secondary strategy.

I know Facebook Ads can be really frustrating at times, but they really are worth it. Just make sure you keep Kenny’s words in the back of your mind…

What is your biggest frustration with Facebook Ads? Leave me a comment on my Facebook Page and let me know.

PS. I’m off to Darwin this weekend for a quick mini-break. It’s Winter down here in Australia, so it will be great to get some sunshine up in the Top End. I’ve never been before, so I’m looking forward to seeing some of “Crocodile Dundee” country. I’ll send you some pics on my Facebook Page x

 

2 replies on “The Facebook Ad Money Pit”

Great tips, Victoria! I can see how easy it would be to throw caution to the wind and go all in – and lose lots of money – on Facebook Ads.

I’d love to know more about what you mean by only launching ads during peak periods – how do you know when the peak periods are? And how do you make sure your ads only run during that time?

Hi Jess,
Peak periods refer to times of the day when more people are likely to be on Facebook. It is important to break your campaigns down by time zone, so you can make sure that you start your ads in the daytime or early evening where you have more of an audience. More eyeballs gives your ad a greater chance of a strong Click Through Rate which reduces the Cost Per Click.
Hope that makes sense?
Victoria

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